Capital gains issue followed CIT v. B. C. Srinivasa Setty, and the Tribunal's answer was upheld.

Capital gains treatment of the referred issue was measured against the precedent in CIT v. B. C. Srinivasa Setty, and the Supreme Court held that the matter was already covered by that earlier decision. On that basis, the Tribunal's answer to the referred question was upheld.

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Issues: Whether the Tribunal's answer to the referred question was correct in light of the governing precedent on capital gains.

Analysis: The answer was tested against the principle laid down in CIT v. B. C. Srinivasa Setty, under which the relevant issue stood covered by the earlier decision of the Supreme Court.

Conclusion: The Tribunal's answer was upheld.

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